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Are you asking why people can borrow money or why we have credit scores?
The idea of borrowing money and paying a fee to do so has been around since biblical times or perhaps before and we have this thing called credit so we may purchase things we do not have the ability to buy with cash. One good example is a house. Most people can not pay $200,000 cash for a home and it would take them many years to save that much (especially if they had to rent while saving the money), so they borrow a portion of it (like $165,000) and live in the house while they pay off the loan.
Credit scores are designed to help lenders determine if you have the ability to and if you actually will pay back a loan or not. The scores comes from things like your financial history. Paying things on time and not missing payments will help your score.
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Do Credit unions exist for one year then shut down after everyone pays off their loans?
no they do not they exist all the time
What are credit line rates and where do they exist?
Credit line rates refer to credit scores, often of a business or individual. One can find a credit line rate by speaking to representatives of banks or financial experts, for example.
Did credit cards exist in the 80s?
Yes, credit cards existed in the 1980s. They were widely used for making purchases and transactions during that time.
What options exist for instant approval credit cards?
There are 2 options for instant approval of a credit card. The first being a card with no credit checks and the second being named pre-approved. Basically both names are based on the same principle.
Are there government programs to reduce credit card debt?
Currently, no government credit card debt settlement programs exist. Consumers who are in debt trouble do not have the option of government assistance to get out. What does exist, on the other hand, is publicizing by organizations, some of which are obligation settlement organizations, attempting their best to delude you. Here are few tips that you may try to get out of dept: (creditcardprocessing.com/2014/01/get-business-credit-card-debt/)
